Stonepeak-Plus Launches $50-100 Million Placement of INFRA1 Notes at BBSW Plus 3.25%

New $50-100 Million Placement to Expand Infrastructure Debt Exposure

Stonepeak-Plus Infra Debt Limited (ASX:SPP) has kicked off a wholesale placement of up to 1 million new INFRA1 Notes, priced at $100 each, aiming to raise between $50 million and $100 million. The notes form a second tranche of the existing INFRA1 series and carry a floating interest rate of BBSW plus a margin of 3.25% per annum, payable monthly starting 20 June 2026. With a maturity date on 6 December 2032, the notes offer investors exposure to Stonepeak’s infrastructure debt strategy, which focuses on direct and indirect loans, bonds, and other credit obligations tied to infrastructure assets.

The placement is targeted exclusively at sophisticated and professional investors and is managed by Westpac Institutional Bank. Notably, the raise is not underwritten, exposing the issuer to some execution risk. Trading of the existing INFRA1 Notes has been halted pending the placement outcome, with a resumption expected on 22 April 2026.

Diversification and Liquidity Benefits for Noteholders

Stonepeak highlights that proceeds from the placement will enhance portfolio diversification by increasing the scale and breadth of underlying assets, consistent with its established investment approach. The issuer expects that onboarding new investors will also deepen the noteholder base, potentially improving liquidity for the INFRA1 Notes on the ASX. This comes after the initial $300 million INFRA1 Notes offer launched in late 2025, which targeted infrastructure debt investments across Australia and New Zealand, and was supported by a first loss buffer to protect noteholders from initial losses.

The portfolio currently includes a mix of infrastructure debt exposures providing essential services, assets generally regarded as resilient through economic cycles. While geopolitical tensions, including the ongoing US/Iran conflict and rapid advances in artificial intelligence, have introduced market volatility and tighter financing conditions, Stonepeak’s management reports the portfolio remains robust and performing satisfactorily. This assessment aligns with the company’s prior commentary on the risks and resilience of its infrastructure debt holdings, as detailed in its $300M ASX Notes launch.

Risks and Structural Features of the Notes

The INFRA1 Notes are unsecured and deferrable, meaning interest payments can be deferred under certain conditions without triggering default. They are not guaranteed by Stonepeak or any related entity, and investors face risks typical of infrastructure debt investments, including credit risk, market risk, liquidity risk, and counterparty risk. The issuer’s investment strategy also involves exposures to asset-backed finance, corporate credit, and structured investment arrangements, each carrying their own risk profiles.

Stonepeak’s risk disclosures explicitly mention potential impacts from concentration in large infrastructure debt exposures, the possibility of losses or deferred cash flows, and the influence of geopolitical tensions on market conditions. Despite these, management maintains confidence in the portfolio’s underlying asset quality and ongoing monitoring efforts.

Placement Timeline and Next Steps

The placement opened on 20 April 2026 and closes on 21 April 2026, with results to be announced on 22 April. Settlement of new notes is scheduled for 19 May, followed by issuance and commencement of trading on 20 and 21 May respectively. Placement costs will be borne by the issuer, with the first loss buffer intact to protect existing noteholders.

Stonepeak, a global infrastructure and real assets manager with over A$125 billion under management, continues to seek attractive debt investment opportunities. The firm’s Sydney office, alongside its global network, supports ongoing origination and portfolio management activities aligned with its disciplined investment process.